Colombia adopts OECD standards, crypto exchanges usher in a global compliance era

Colombia’s tax authority DIAN has just issued Resolution No. 000240, requiring crypto exchanges to mandatorily report user transaction data. This is not just a regulatory move by a single country but a new signal of global transparency in crypto assets. The resolution adopts the Crypto Asset Reporting Framework (CARF) developed by the OECD, signifying that the “privacy era” in the crypto industry is officially transitioning to an “transparency era.”

Policy Core Requirements

DIAN requires all crypto exchanges and intermediaries providing services to Colombian residents or taxpayers to collect and report detailed user transaction data. Specifically, the key elements involved include:

This set of rules has a broad scope, not limited to exchanges registered in Colombia; offshore exchanges serving Colombian users must also comply.

What Does This Mean

Compliance Pressure on Exchanges

For crypto exchanges, this represents tangible compliance costs. They need to establish comprehensive data collection, organization, and verification systems to ensure reporting accuracy. Considering the 1% penalty cap, a large-volume exchange making errors could face significant losses. Especially for those that previously lacked proper user data management, this will force system upgrades.

Turning Point for User Privacy

From the user perspective, this marks the end of crypto assets being in the “gray area.” Your account information, transaction records, and holdings on exchanges will now be within the tax authorities’ view. This requires a psychological adjustment for users accustomed to the relative privacy of crypto assets. But from another angle, it also enhances overall market transparency and fairness.

Global Spread of the CARF Framework

Colombia’s adoption of CARF is not an isolated event. The OECD-designed framework aims to promote global crypto asset information exchange, similar to the earlier FATCA (Foreign Account Tax Compliance Act) promoted in the global financial sector. Once a country takes the lead in adoption, the likelihood of others following increases significantly.

Potential Chain Reactions in the Future

According to the latest news, OECD member countries and some non-member countries are evaluating the adoption of the CARF framework. Colombia’s move could serve as a reference case for other Latin American countries. More broadly, regions like the EU and Singapore are also pushing forward similar crypto asset transparency rules. This means the privacy space for global crypto users may further shrink.

For exchanges, future requirements may involve establishing a unified international compliance system rather than tailoring solutions for each country. This will increase overall industry operational costs but also accelerate industry standardization.

Summary

Although Colombia’s Resolution No. 000240 appears to be a regional tax policy, it reflects the broader trend of global crypto asset regulation: from “wild growth” to “sunlight compliance.” The adoption of the OECD CARF framework signifies that crypto assets are being integrated into traditional financial regulatory systems. For exchanges, this signals rising compliance costs; for users, a shrinking privacy space; and for the entire industry, a necessary step toward maturity and regulation. In the future, those who adapt more quickly to these transparency requirements will gain a competitive edge in the global market.